The company, which has also received funding and support from Sustainable Development Technology Canada (SDTC), intends to use the funds to advance its novel dissolution-based recycling technology for polystyrene.

This financing round comes shortly after the announcement of a collaboration agreement between Polystyvert and the Polymers Business unit of Total S.A. (NYSE: TOT) to accelerate the commercialization of the company’s technology.

Led by Solenne Brouard Gaillot, Founder and CEO, Polystyvert is a clean technology startup that has developed an innovative, low-carbon-footprint process to recycle polystyrene based on a dissolution technology. Effective on all types of polystyrene, the company’s technology includes a purification process that removes all contaminants, with a decentralized model that reduces transportation costs. It addresses a major global environmental issue, since large quantities of post-consumer or post-industrial polystyrene waste are buried in landfills every year, while more and more new polystyrene is produced.